Kenya Airways has reported its first profit in over a decade, recording a net profit of 513 million shillings (approximately 3.98 million U.S. dollars) for the first half of 2024. This marks a significant turnaround from the 168.2 million shillings loss posted during the same period in 2023.
The airline attributes this remarkable improvement to its strategic turnaround initiative, known as Project Kifaru. The plan focuses on several key areas, including customer service enhancement, operational excellence, financial discipline, innovation, and sustainability.
Michael Joseph, the Chairman of Kenya Airways, highlighted the airline’s 102 percent improvement in net profit as evidence of the success of its recovery strategy. Speaking at an investor briefing in Nairobi, Joseph expressed confidence in the airline’s operational viability, crediting the collective efforts of the board, management, and staff.
Joseph further noted that the airline is concentrating on completing its capital restructuring plan, a move aimed at reducing financial leverage and improving liquidity. These efforts, he said, would lay a solid foundation for long-term growth and stability.
Kenya Airways also reported a 10 percent increase in passenger numbers, with a total of 2.54 million passengers served during the period.
Allan Kilavuka, the Chief Executive Officer of Kenya Airways, expressed optimism about the future, citing the airline’s dedication to driving sustainable growth, delivering value to stakeholders, and providing world-class service. Kilavuka noted that the positive financial results were a clear indication that the airline’s strategic initiatives are yielding the desired outcomes, positioning the company to better navigate the challenges of the aviation industry and prepare for future growth.
